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NIELIT 2019 Feb Scientist D - Section C: 27

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The banker's discount on a bill due $1$ year $8$ months hence is ₹ $50$ and the true discount on the same sum at the same percent is ₹ $45$. The rate percent is :

  1. $6\%$
  2. $\frac{20}{3}\%$
  3. $6\frac{1}{2}\%$
  4. $\frac{516}{59}\%$

1 Answer

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True Discount=  B.D. x 100 /  (100 + R*T)

Where: BD – banker’s Discount

R-Rate

T- Time in years

Put values and you’ll get 6.66%

Answer: B
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